This upcoming Friday, as with all Friday's around this time of the year, is anticipated to be one of the most lucrative days in retail. It's a day that many businesses invest countless amounts of money and time into planning and prepping.
According to the National Federation of Retail (NRF), more than 140 million holiday shoppers are expected to shop in-store and online during the 2014 Thanksgiving Holiday weekend. Last year, 92.1 million consumers shopped on Black Friday and 248.7 million shoppers visited stores in-person and online. The average amount spent by holiday shoppers from Thanksgiving Day to Sunday was $407.
With Black America's buying power expected to reach $1.1 trillion in 2015, it is imperative that we make an effort to spend at least 10-20 percent of our monies with Black business owners. The reason why we should do this is far more meaningful that simply "supporting a Black owned business."
Here are three (meaningful) reasons why we should financially support Black owned businesses this holiday season:
- Statistically speaking, Black owned businesses are more likely to hire Black employees than business owners of any other ethnic group;
- As of October 2014, the Black unemployment rate is at 10.9 percent, or more than twice that of white America's 4.8 percent unemployment rate. Patronizing Black owned businesses is one of a handful of ways to decrease the staggering unemployment rate which is directly linked to crime in the Black community;
- With imagery of toxic rap artists and troubled athletes consistently being shoved into the faces of Black youth, supporting Black owned businesses serves as a way to educate our youth about the ways in which they can obtain money outside of being an athlete and/or rapper. There's no disrespect to the aforementioned career paths; however, there's an extremely low chance that all of our Black babies will be able to pursue a professional career as an athlete and/or a nationally known rap star.
So if you're wondering why we brought here, here's why: Although there are a number of free resources such as Around the Way App (available for iPhone and Android) and BuyBlackNYC.com (a directory of Black owned businesses in NYC), we wanted to provide you with a brief list of our favorite Black owned businesses online as we understand that many of you would love to patronize a Black owned business but there may not be any in your city.
The businesses listed on the Your Black World's Digital Black List range from apparel to professional career services. These are brands that we consistently patronize and/or have read raving reviews about.